Waec Model Questions Vol1 2021 Financial Accounting Question 30
Practice objective / multiple choice question 30 from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Using incomplete records, determine the closing cash balance. The following information is available for the year: Opening cash balance ₦15,000; Opening inventory ₦20,000; Opening trade receivables ₦10,000; Opening trade payables ₦12,000. Purchases on credit amounted to ₦120,000; purchase returns were ₦0; freight in ₦0. Sales totalled ₦200,000, of which cash sales are unknown. Closing trade receivables are ₦15,000 and closing trade payables are ₦18,000. Operating expenses paid in cash were ₦30,000. Depreciation expense (non‑cash) is ₦10,000. Closing inventory is ₦25,000. Compute the closing cash balance at year‑end.
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About This Question
This is Waec Model Questions Vol1 2021 Financial Accounting Question 30. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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